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Thinking About Trading Gold?
Better Check Yen's Value First

By

Terzah Ewing Staff Reporter of The Wall Street Journal

Updated July 20, 1998 12:01 a.m. ET

It has become almost a joke among gold traders: Recently, if you've wanted to know what's going on with gold, you look not at mining production or jewelry-making or even central bank sales. Instead, you look at the yen.

Gold and the Japanese currency have moved, with a few deviations here and there, in virtual lockstep since early June. That was when the new European Central Bank announced it will hold no more than 15% of its reserves...